Atria Wealth Solutions Inc. Sells 7,368 Shares of Simon Property Group, Inc. (NYSE:SPG)

Atria Wealth Solutions Inc. lowered its stake in Simon Property Group, Inc. (NYSE:SPG) by 27.5% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 19,409 shares of the real estate investment trust’s stock after selling 7,368 shares during the period. Atria Wealth Solutions Inc.’s holdings in Simon Property Group were worth $2,769,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of SPG. LPL Financial LLC lifted its position in Simon Property Group by 16.6% during the third quarter. LPL Financial LLC now owns 360,116 shares of the real estate investment trust’s stock valued at $38,903,000 after purchasing an additional 51,380 shares in the last quarter. Nordea Investment Management AB grew its stake in shares of Simon Property Group by 4.6% during the 4th quarter. Nordea Investment Management AB now owns 152,740 shares of the real estate investment trust’s stock valued at $21,923,000 after acquiring an additional 6,703 shares during the period. SG Americas Securities LLC increased its holdings in Simon Property Group by 121.5% in the 4th quarter. SG Americas Securities LLC now owns 32,003 shares of the real estate investment trust’s stock worth $4,565,000 after acquiring an additional 17,552 shares in the last quarter. Cornerstone Wealth Management LLC bought a new stake in Simon Property Group during the 4th quarter worth approximately $238,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in Simon Property Group by 9.7% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 81,813 shares of the real estate investment trust’s stock valued at $11,670,000 after purchasing an additional 7,250 shares in the last quarter. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on SPG shares. Truist Financial increased their price objective on shares of Simon Property Group from $139.00 to $147.00 and gave the stock a “hold” rating in a research note on Friday, March 22nd. Evercore ISI raised their price target on Simon Property Group from $142.00 to $150.00 and gave the company an “in-line” rating in a report on Wednesday, February 28th. StockNews.com upgraded Simon Property Group from a “hold” rating to a “buy” rating in a research report on Thursday, April 18th. Finally, Morgan Stanley increased their target price on Simon Property Group from $143.00 to $145.00 and gave the stock an “equal weight” rating in a research report on Monday, February 26th. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $140.22.

Simon Property Group Stock Down 0.3 %

SPG opened at $142.36 on Monday. Simon Property Group, Inc. has a 52 week low of $100.17 and a 52 week high of $157.82. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 7.54. The firm has a 50-day simple moving average of $149.04 and a two-hundred day simple moving average of $137.23. The company has a market capitalization of $46.40 billion, a PE ratio of 20.40, a price-to-earnings-growth ratio of 7.47 and a beta of 1.65.

Simon Property Group (NYSE:SPG) last posted its earnings results on Monday, February 5th. The real estate investment trust reported $2.29 EPS for the quarter, missing analysts’ consensus estimates of $3.34 by ($1.05). Simon Property Group had a net margin of 42.30% and a return on equity of 70.97%. The firm had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.38 billion. During the same quarter in the prior year, the company posted $3.15 earnings per share. The firm’s revenue was up 9.1% compared to the same quarter last year. Analysts forecast that Simon Property Group, Inc. will post 12.06 earnings per share for the current fiscal year.

Simon Property Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 8th were issued a $1.95 dividend. The ex-dividend date of this dividend was Thursday, March 7th. This is an increase from Simon Property Group’s previous quarterly dividend of $1.90. This represents a $7.80 dividend on an annualized basis and a dividend yield of 5.48%. Simon Property Group’s payout ratio is 111.75%.

Simon Property Group declared that its Board of Directors has approved a share buyback plan on Thursday, February 8th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the real estate investment trust to buy up to 4.2% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its shares are undervalued.

About Simon Property Group

Simon is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.